What is life insurance?
A life insurance policy, also known as life assurance or life cover, is a type of policy that is designed to offer financial support in case you die. It could help minimise the financial impact that your death may have on your close family, as well as offer a sense of security to those you hold most dear.
When you die while covered by a life insurance policy, the company typically pays out a lump sum for your loved ones to help with household expenses, childcare costs, and mortgage payments for your family.
Your choice in how much life insurance cover and how long you need it for is up to you, along with whether to purchase joint or single policies.